You would find it really surprising how most businesses love to organise everything especially the fundamental legal documents before starting the adventure. If you are a startup owner or simply want to learn about which documents you must have to avoid problems in future you must pick among the best law firms in Kolkata. Now, why Kolkata?
It’s because, starting from the establishment of the Calcutta High Court in 1862 to the development of a unique legal ecosystem, Kolkata has reputed law firms. Here the businesses can navigate all the regional regulations and documents required to face the complexities of the business world.
Important Legal Documents Needed To Operate A Business
The documentation requirements of some businesses may differ from one another, however, most companies require the documents mentioned below. Please remember these are the agreements necessary for any business that wants to register their name under the Indian Government.
So, let’s begin:
1. Agreement between shareholders
When a company starts up, they want to invest their money into it - these are the shareholders. They get their share according to the loss and profit of the company. A shareholder agreement is like a rulebook that spells out what each side (the company and the shareholders) can and can't do so that everyone's on the same page. It helps to solve any disputes quickly so that your organisation keeps running smoothly. You can get a shareholder agreement drawn up by a business lawyer or a legal expert very easily.
2. Founders Agreement
You know when coworkers decide to start a business together? Well, they need something called a Founders' Agreement. It's like a formal promise signed by all the co-founders of the company.
This agreement has all the details about who does what, who owns what part of the share, and who puts in how much money. It's a good idea to create this agreement right when the business starts, so everyone knows their role from the get-go. You can get a suggestion from the professional attorneys in Kolkata and have it written down in a document.
3. LLC Operating Agreement
One big benefit of a limited liability company (LLC) is it helps protect your assets, so if something goes wrong with the business, your personal stuff like your house or car is safer.
Making an LLC isn't too hard. You just go to your state's Secretary of State website and fill out some paperwork called articles of organisation. But if your LLC has more than one owner, it's smart to make what's called an operating agreement.
Each state and the IRS have some basic rules for LLCs to follow. But with an operating agreement, you can tweak or customise some of these rules and make a plan for how you want your business to work. If you don't make an operating agreement and someone sues your business or the IRS checks you out, you could end up in financial trouble. So, it’s better not to wait, and hire an attorney from the best law firm in Kolkata or anywhere near you.
4. Keep A Company Pan Card
If you're a taxpayer in India, you must have a Permanent Account Number (PAN). It's equally important for individuals, sole proprietorships, partnerships, and private limited companies, whether you're an Indian company or a foreign one, having a PAN card is a must.
Getting a PAN for your company is pretty straightforward:
An identity or address proof
A copy of the certificate of incorporation
A copy of a no-objection certificate issued by the Ministry of Corporate Affairs (MCA)
With these documents in hand, you can easily apply for your company's PAN card.
Choose The Best Law Firm in Kolkata
Regardless of the size or structure of your business—be it a small startup, a general partnership, a limited company, or a corporation—having the necessary legal documents in place from the start is crucial.
But, without any professional help simply working with your in-house team may not help with the procedure. That’s why choose the best attorneys from the best law firms in Kolkata, Chennai, Bengaluru, and so on.
However, it’s important to check the background of the law firm or the attorney you are hiring. If they lack experience or ask for more fees, it’s a red flag.
Comments